NCP to add 200 megawatts power to national grid by February

[LahoreEstate]

RECORDER REPORT
KARACHI (October 23 2009): Nishat Chunian Power will add 200MW power in the national grid after starting its operations expected from February 2010. The CEO of Nishat Chunian Limited, Shahzad Saleem while talking to media after a ceremony held on the occasion of formal listing and trading of Nishat Chunian Power at Karachi Stock Exchange here on Thursday, said that the total cost of this power generation project was $240 million.

According to scheduled announced earlier, the project was to start its operations in June 2010, however, it was expected that the operations would be started before the announced date expectedly in February 2010. The company offered 26 percent of its shares to the general public in initial public offering (IPO).

Earlier, Shahzad Saleem rang the traditional opening bell at the Karachi Stock Exchange on the opening of the trading session. The KSE had decided that on every IPO, the trading session at the exchange would be started with an opening bell.

This tradition was started in early this month when Mian Muhammad Mansha, Chairman Nishat Group rang the opening bell on the occasion of formal listing and trading of Nishat Power, another power generation project of the same group. Both the power generation projects would add 400MW power in the national grid. Presently, the country is facing power deficit of around 2500 MW.

Adnan Afridi, MD, Karachi Stock Exchange was also present on this occasion. He was of the view that the trend of new IPOs after a gap of almost one year shows the reviving confidence on the KSE. He pointed out that after these two IPOs in the current month, three to four more IPOs were expected in the next one to two months' period.

http://www.brecorder.com/index.php?id=97...=&supDate=